Watchlist Update (Mar 09 2023)

CryptoExplorer Author

Posted On Mar 09, 2023 |

This article summarizes the watchlist posted on Discord. As always: Read the charts, find the boxes and trade the boxes!

@here **BTC**

Still playing out as we have expected, and medium term, I do expect the Yellow box to fill. My feeling is that short, term we can have a bounce though. The reason for this is that we're currently in a liquidity zone that could act as support ($21,200, $21,600) and we also have the RSI on the 12hr now well into over, sold territory. A short, term bounce before a further move lower to the yellow boxes, is definitely possible in my opinion.

**ETH**

The ETH chart is less clear and somewhat ugly from a technicals point of view to assess. There are no clear biases on either side other than the fact that we're at a local support and close to approaching over, sold conditions on the RSI. A bounce is certainly possible but I am less convinced by ETH than I am BTC, so I'd therefore be looking to take the BTC Long rather than an ETH Long. For ETH, going to do nothing and just leave it be.

**SOL**

One I think is looking like it needs a bounce. Heavily into over, sold conditions after just dwindling lower. Unfortunately, we are stuck between liquidity zones here so we could just flush considerably lower to the yellow box area which is a liquidity zone of support. I am thinking the possibility is that we build a bear flag here (which pushes the RSI up a tad) and then we flush lower. If we get this, this is what I'll buy for a bounce play.

**MATIC**

As frightening as this sounds and I am still bearish on the market, I do actually like MATIC for a Long. We're currently in a really strong liquidity zone between $1.01 and $1.05, with an RSI that is well into over, sold territory. This one looks more prime for a bounce than any other coin so far. I'd strongly consider this liquidity zone for a bounce play where I'd fill Long orders.

**DOT**

Again, similar to MATIC, really liking the setup for a potential bounce play. The liquidity area of $5.90 to $6.08 would scare me as hugely limiting for upside potential. Hence I'd like favour other plays, MATIC for example.

**RUNE**

Again, another that's looking really primed for a bounce. I think a move back into $1.45 is a minimum.

**FTM**

Another I like for a potential Long. I am strongly considering Longing at current prices for at least a bounce to $0.41.

@everyone **Watchlist Complete.** Morning guys, I hope you're all well. Firstly, I want to say thank you for all the kind feedback yesterday. I have updated the above #watchlist let's assess some of these opportunities. Now, I am bearish on the overall market as you guys know but, what I am seeing in the charts is a lot of ALTS that are moving into liquidity zones that should act as support whilst they're also in over

sold territory (due a bounce). The two plays I think are most attractive for short, term Longs are MATIC and FTM. Check them out above.

Categories: Technicals

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